Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Units Acquired at Cost 160 units@ $8.50 $1,360 100 units@ $7.50 = 750 Units sold at Retail Jan. 25 Sales Jan. 30 Purchase Totals 120 units @ $17.50 120 units $17.50 220 units@ $7.00 1,540 480 units $3,650 240 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 240 units, where 220 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Exercise 6-4 Perpetual: Income effects of inventory methods LO A1 Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,450 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Sales Cost of goods sold Gross profit Specific Identification Weighted Average FIFO LIFO m